Gold, copper gain in Asia after China consumer prices tick up
Gold and copper gained in Asia on Wednesday as consumer prices in China nudged a bit higher than expected, bolstering demand hopes.
In China, CPI rose 1.5% year-on-year, a tick higher than the 1.4% seen and PPI fell 5.9%, matching expectations. The higher consumer inflation will no doubt limit the room for the People's Bank of China to further cut interest rates. The PBOC last cut the benchmark one-year deposit rate to 1.5% at the end of October. China is the world's largest producer of gold and the world's second-largest consumer of the precious metal behind India. It is also the world's top copper importer. On the Comex division of the New York Mercantile Exchange, gold for February delivery rose 0.14% to $1,076.80 a troy ounce.
NYMEX crude gains in Asia as API reports solid draw in stocks
Crude oil prices gained in Asia on Wednesday as industry data from the U.S. showed a solid draw in stocks. The American Petroleum Institute said late Tuesday that crude stocks fell 1.9 million barrels last week, more than the expected 1.2 million barrels. Ahead on Wednesday a government report could show that U.S. crude stockpiles rose by 0.1 million barrels for the week ending on Dec. 4. U.S. supplies have increased in each of the last 10 weeks, nearing their highest level at this time of year since at least 1935. On the New York Mercantile Exchange, WTI crude for January delivery rose 0.38% to $37.84 a barrel.
Overnight, U.S. crude futures closed slightly lower on Tuesday during a volatile, choppy day of trading after dropping below $37 a barrel to fall to its lowest level since early 2009. On the Intercontinental Exchange (ICE), Brent crude for January delivery wavered between $39.83 and $41.45 a barrel, before closing at $40.28, down 0.47 or 1.15% on the day.
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